Enwell Energy Says Ukraine has Ordered Suspension of Two Licenses -- Update
May 04 2023 - 12:42PM
Dow Jones News
By Joe Hoppe
Enwell Energy PLC said Thursday the Ukrainian government has
issued orders to suspend its Vasyschevskoye production license and
Svystunivsko-Chervonolutskyi exploration license in the
country.
The London-listed oil-and-gas company said the issue relates to
recently implemented Ukrainian laws, giving the State Geologic and
Subsoil Survey of Ukraine the power to suspend or revoke the
hydrocarbon licenses of companies where the ultimate beneficial
owner is subject to Ukrainian government sanctions.
The Vasyschevskoye field operations will now be ceased,
including a shutdown of production. The license contributes around
12% of Enwell's total production. Field activities at
Svystunivsko-Chervonolutskyi were already suspended.
Early Thursday, Enwell said the Ukrainian Ministry of Justice
ordered the cancellation of a registration entry made on behalf of
three of its Ukrainian subsidiaries -- LLC Prom-Enerho Produkt, LLC
Arkona Gas-Energy and LLC Well Investum -- relating to their
beneficial owners, and restored the previous entry in the state
register, Vadym Novynskyi.
The company had said in late January that Mr. Novynskyi had
ceased holding an indirect beneficial interest in Enwell. However,
the restoration of the registration now puts Mr. Novynskyi as the
ultimate beneficial owner of each of LLC Prom-Enerho Produkt and
LLC Arkona Gas-Energy, and therefore the two licenses.
On Dec. 9, Enwell said that a regulatory action sanctioning a
number of Orthodox clerics taken by Ukraine in the country had
affected Mr. Novynskyi, a cleric and businessman who held a major
indirect shareholding interest in the company.
The company didn't disclose the size of Mr. Novynskyi's
shareholding. However, in June 2019, Enwell -- then Regal Petroleum
PLC -- had said that a company entirely controlled by Mr. Novynskyi
had increased its interest in its issued share capital to 82.65%
from 54.0%.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
May 04, 2023 13:27 ET (17:27 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Regal Petroleum (LSE:RPT)
Historical Stock Chart
From Feb 2025 to Mar 2025
Regal Petroleum (LSE:RPT)
Historical Stock Chart
From Mar 2024 to Mar 2025
